Before you sign an office space lease for your business, there are a few facts you should know. Here are some things to keep in mind before you sign the dotted line:
- Take the time to do your homework. If you rush through the process, you will not be able to properly evaluate the marketplace to make sure it will fit your business’s needs during your tenancy. If you are approaching a lease renewal, give yourself plenty of time to negotiate so you have plenty of time to transition to a new space if you cannot settle on agreeable terms.
- Business leases are not like residential leases. Know in advance that a business lease will be completely different than a personal dwelling lease, which typically only includes a set monthly price and utilities. In residential leases, the government protects the interests of the tenant and the landlord is responsible for repairs. In business leases, there are expenses that you will be responsible for above and beyond basic costs, and the government does not offer the same kinds of legal protection. Everything will be in your lease, so make sure you understand what expenses you are responsible for as well as the legal rights of both you and your landlord.
Don’t get stuck in an unfavorable lease by rushing through the process!